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Patti Hart will surrender her Yahoo board seat over CEO Scott Thompson fabricated degree Scandal 

Posted: 5:53 am, May 9, 2012 by Hendrik L Clarke

Patti Hart, Yahoo Inc. (NASDAQ: YHOO) Director, who led the committee that hired CEO Scott Thompson will surrender her board seat over fabricated college degree Scandal. The debacle began last week when, Activist shareholder Third Point, accused tech giant of misrepresenting the educational credentials of chief executive, Scott Thompson. Company thanked Hart for serving on its board since June 2010.  International Game Technology (IGT) Chairman Philip Satre said IGT’s board urged Hart to leave Yahoo in order for her to avoid being distracted.

“It has been my privilege to serve Yahoo! stockholders and I remain confident in the Company’s future. However, my primary responsibilities are to serve as Chief Executive Officer of IGT and to eliminate activities that may interfere with my ability to carry out my commitments to IGT and its valued stakeholders,” Patti Hart said in the statement.

Scott Thompson, YAHOO CEO

Scott Thompson, YAHOO CEO

Yahoo announced that it would lay off 2,000 employees, or 14% of its workforce. It’s a new headache for Yahoo, which has been struggling for years to turn itself around.

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About the author: Hendrik L Clarke

Features Editor, a senior director of strategic planning for a major university, has experience at a long/short equity hedge fund and has been in the markets for just under a decade. He has degrees in Economics and Communications and focuses on macro themes in the markets. His background also extends to logistics, marketing, and e-commerce.